Wall Street

Chinese Tech Stocks Rise After Meituan Shares Rise

Most Chinese technical stocks rise after Mituan and Tencent rose by 11% and 3%, respectively

Most of the Chinese tech stocks rose in a volatile trading round in the Asia-Pacific region with oil prices dropping more than 3%. At the close of the Hong Kong market, Meituan shares rose 11.56% while Tencent shares jumped about 2.81%. Read more [Chinese Stocks Rebound In The United States].

On Friday, Meituan had published better-than-expected revenues for the last three months of 2021, as fourth-quarter revenue came at 49.52 billion yuan ($7.78 billion), higher than expectations of 49.2 billion yuan, noting that the Chinese company had previously lowered its expectations. Read more [Meituan Lowers Business Prospects After ¥3.4B Fine].

Although the Hang Seng Technical Index rose 2.62% to 4,491.01, some Chinese technical stocks declined, such as JD.com, whose share fell by 1.75%, and SenseTime, which fell by 1.9%, while the general Hang Seng Index in Hong Kong recorded a growth of 1.31% to close at 21,684.97.

The broader Asian markets suffered from volatility on Monday, as the benchmark China Shanghai Composite Index rose 0.07% to close at 3,214.50, while the Shenzhen Composite lost 1.017% to 11,949.94.

In Japan, the Nikkei 225 index declined 0.73% to close at 27,943.89, and the Topix index also suffered a decline of 0.41% to 1,973.37, while looking at the Kospi index in South Korea, it was relatively stable at 2,729.56, and in Australia, the S&P/ASX 200G index closed Slightly up at 7,412.40, the Singapore Straits Times Index also rose 0.29%.

Oil prices fell during the extended hours, with Brent crude futures falling 3.32% to $116.65 per barrel, while US crude fell 3.71% to $109.68 per barrel.

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